Hawaiian Electric Industries, Inc. HE shares are trading lower by 16% to $9.96 Friday afternoon after Maui County filed a lawsuit against the company alleging a role in the Lahaina wildfires. The company also suspended its quarterly cash dividend on common stock.
In addition, HEI drew $170 million and Hawaiian Electric drew $200 million under their existing revolving unsecured credit facilities. The companies plan to "invest the cash proceeds in highly liquid short-term investments," according to the SEC filing.
The recent plunge in shares propels the company’s stock toward levels not observed since October 1987.
The situation is exacerbated by mounting concerns over the company’s involvement in the Maui wildfires and recent reports by the Wall Street Journal suggesting discussions with restructuring advisory firms to tackle its mounting financial and legal challenges...Read More
According to data from Benzinga Pro, HE has a 52-week high of $43.71 and a 52-week low of $9.04.
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